Gaming company increases licensing revenue 90 per cent

A London gaming company has announced that its licensing revenue has increased by 90 per cent for the first quarter of the year.

Gaming Realms, which develops and licenses mobile gaming content, saw licensing revenue jump from £0.7m to £1.3m for the first quarter of 2020, which it attributes to new deals and an increased games portfolio.

The company also reported today that it saw revenue hit £6.9m in 2019, up 11.5 per cent from 2018’s £6.2m.

During the year, the company sold its B2C business Real Money Gaming, and refocused on B2B operations.

Michael Buckley, executive chairman for Gaming Realms, commented: “In 2019 we disposed of the B2C business to allow the group to concentrate solely on the development and licensing of our Slingo online gaming content.

“During the year we increased our games portfolio, secured key partnerships with industry leaders, and broadened our international reach and audience.

“I am delighted to report that this progress has continued into the current year.

“With reference to current trading, I am pleased to inform shareholders that our licensing revenues for the first quarter of 2020 were 90 per cent ahead of the same period of 2019, and we are operating ahead of the board’s forecast.

“These operating results, together with new deals already announced and the pipeline of additional distribution partners to come, gives the board confidence in the strategy being pursued, and our expectations for this year and beyond.

“In light of the COVID-19 pandemic, I would like to reassure all our investors and stakeholders that the group has taken every precaution to ensure the safety of our staff and those we work with.

“While it is impossible to predict the duration of this situation, we continue to experience a high level of demand for our products which supports the board’s confidence in the future prospects of the business.”